Posted on 05/19/2024 2:37:01 PM PDT by Twotone
NEW YORK — Your wallet may soon be getting thinner.
Visa on Wednesday announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
The new features could mean Americans will be carrying fewer physical cards in their wallets, and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant.
They will be some of the biggest changes to how payments operate in the U.S. since the U.S. rolled out chip-embedded cards several years ago. They also come as Americans have many more options to pay for purchases beyond “credit or debit,” including buy now, pay later companies, peer-to-peer payment options, paying directly with a bank, or digital payment systems like Apple Pay.
“I think (with these features) we’re getting past the point where consumers may never need to manually enter an account number ever again,” said Mark Nelsen, Visa’s global head of consumer payments, in an interview.
The biggest change coming for Americans will be the ability for banks to issue one physical payment card that will be connected to multiple bank accounts. That means no more carrying, for example, a Bank of America or Chase debit card as well as their respective credit cards in a physical wallet. Americans will be able to set criteria with their bank - such as having all purchases below $100 or with a certain merchant applied to the debit card, while other purchases go on the credit card.
(Excerpt) Read more at washingtontimes.com ...
The Apple Wallet on my iPhone gives me the ability to scroll through and select any of my cards with a double click on the right button.
>> consumers may never need to manually enter an account number ever again
I guess we’ll instead use the tattoos on our foreheads
What about the wrists? Then they can just scan the Mark (of the Beast) with a hand wave.
Only carry one now, how is this reduce that?
Also making it easier for the government to cut off all your credit if your ‘social score’ doesn’t meet the government minimums.
No thanks for me. No sale.
Was once asked what my credit score was. My guess - 0. Haven’t used anything like that in 30 years.
They definitely need to do something about the credit card fraud. The problem is, the banks and cops don’t really seem to care much about catching the perps.
We had some recurring fraud problems on a couple of Chase cards. I switched to CapitalOne for their “virtual card” system for all on-line purchases. There is one main physical card, but I can set up any number of “virtual cards” tied to that main card number. The virtual cards are tied to a single merchant and you can set separate expiration dates. It’s very fast to create a virtual card with a browser extension or on the mobile app. The virtual card is only good at that one merchant. For things that need renewal annually, I can temporarily turn off the card for 11 months, turn it on for the renewal, and turn it off again.
The virtual card has a 16 digit card number, an expiration date, and its own CCV.
I created one CapitalOne account with two cardholders, me and my wife. We can each set up our own virtual cards.
All the charges from every virtual card roll up to the main card. On the monthly statement, you don’t even see the virtual card numbers.
I’ve also set all of our cards up to send me a text message for every purchase.
Everything is a lot more secure since I did this.
Probably 90% of my purchases are done with my iPhone and Apple Pay.
That QR links to “lead.me” — no way am I following that!
no backup account in case an account gets compromised. Now you will be dead in the water financially
And with “blurred” AI counterfeit technology, the coming, at site at purchase, body-physical identification becomes necessary-required-forced.
EXACTLY
Many people use different cards for different reasons-—
kids in college, etc.
Business
Personal
Travel/Leisure
Household
HOW I SEPARATE MY EXPENSES FOR MY ANNUAL ACCOUNTING TOTALS IS MY BUSINESS-—
NOT VISA’S BUSINESS
Been doing accounting for over 66 years.
NO THANKS.
Would NEVER recommend this to any of my accounting clients.
What they didn’t mention here was opt-out tracking of your purchases so you get emails/texts of similar items. They are going to be doing what google ads do.
I don’t like the sound of this.
Honestly, it’s an issue of trust.
I don’t trust just about anyone anymore. Government, business,
people, you name it.
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